SPLIT ROLL BILL GOES TO SUSPENSE

AB 188 (Ammiano-D) Property taxation: change in ownership. SPLIT ROLL BILL! Would specify that if 100% of the ownership interests in a legal entity, as defined, are sold or transferred in a single transaction, as specified, the real property owned by that legal entity has changed ownership, whether or not any one legal entity or person that is a party to the transaction acquires more than 50% of the ownership interests. The bill would require the State Board of Equalization to notify assessors if a change in ownership as so described occurs.

We have taken a strong “Oppose” position on this bill and testified in committee as to why it would hurt commercial real estate, our tenants, and the state’s economy. The bill was moved to the Assembly Revenue and Taxation Committee’s “Suspense File” where it will be considered at a later date.